Stock markets in the Gulf ended mixed on Thursday as U.S. President Donald Trump’s latest announcements continued to weigh on investor sentiment.
Trump said this week the U.S. would take over the war-ravaged Gaza Strip and develop it economically after Palestinians are resettled elsewhere, actions that could impact decades of U.S. policy toward the Israeli-Palestinian conflict.
His proposal sent diplomatic shockwaves around the region and globe. However, Israel’s government welcomed it, and its defence minister on Thursday ordered the army to prepare a plan for the “voluntary departure” of Gaza residents.
Saudi Arabia’s benchmark index (.TASI) added 0.2%, helped by a 4.1% rise in Saudi Arabian Mining Company (1211.SE).
Dubai’s main share index (.DFMGI) gained 0.5%, helped by a 0.7% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 3.3% increase in Parkin Company (PARKIN.DU).
The United Arab Emirates’ foreign trade touched 3 trillion dirhams ($816.86 billion) for the first time by the end of 2024, Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Wednesday.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, hit by a 1.5% fall in biggest lender First Abu Dhabi Bank (FAB.AD).
The bank reported net profit of 4.2 billion dirhams in the fourth quarter, up 4% on the year. However, this was a sharp decline from the third quarter, when profits rose 46%.
The Qatari index (.QSI) fell 0.4%, hit by a 0.9% fall in Qatar National Bank (QNBK.QA) and a 2.4% decline in Qatar Electricity and Water Company (QEWC.QA).
Outside the Gulf, Egypt’s blue-chip index (.EGX30) gained 0.9%, with tobacco monopoly Eastern Company (EAST.CA) advancing 6.6%.
($1 = 3.6726 UAE dirham)
Source: Reuters.com